1996 US Code
Title 26 - INTERNAL REVENUE CODE
CHAPTER 14 - SPECIAL VALUATION RULES
Sec. 2703 - Certain rights and restrictions disregarded
View MetadataPublication Title | United States Code, 1994 Edition, Supplement 2, Title 26 - INTERNAL REVENUE CODE |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 26 - INTERNAL REVENUE CODE CHAPTER 14 - SPECIAL VALUATION RULES Sec. 2703 - Certain rights and restrictions disregarded |
Contains | section 2703 |
Date | 1996 |
Laws in Effect as of Date | January 6, 1997 |
Positive Law | No |
Disposition | standard |
Source Credit | Added Pub. L. 101-508, title XI, §11602(a), Nov. 5, 1990, 104 Stat. 1388-498. |
Statutes at Large Reference | 104 Stat. 1388-498 |
Public Law Reference | Public Law 101-508 |
§2703. Certain rights and restrictions disregarded (a) General rule
For purposes of this subtitle, the value of any property shall be determined without regard to—
(1) any option, agreement, or other right to acquire or use the property at a price less than the fair market value of the property (without regard to such option, agreement, or right), or
(2) any restriction on the right to sell or use such property.
(b) ExceptionsSubsection (a) shall not apply to any option, agreement, right, or restriction which meets each of the following requirements:
(1) It is a bona fide business arrangement.
(2) It is not a device to transfer such property to members of the decedent's family for less than full and adequate consideration in money or money's worth.
(3) Its terms are comparable to similar arrangements entered into by persons in an arms’ length transaction.
(Added Pub. L. 101–508, title XI, §11602(a), Nov. 5, 1990, 104 Stat. 1388–498.)
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.